The most oversold stocks in the utilities sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30, according to Benzinga Pro.
Here's the latest list of major oversold players in this sector, having an RSI near or below 30.
VivoPower International PLC (NASDAQ:VVPR)
- On Sept. 17, VivoPower announced a heads of agreement to merge with Future Automotive Solutions and Technologies. The company's stock fell around 42% over the past month and has a 52-week low of $1.02.
- RSI Value: 28.40
- VVPR Price Action: Shares of VivoPower International fell 7% to close at $1.06 on Friday.
- Benzinga Pro's real-time newsfeed alerted to latest VVPR news.
Alternus Clean Energy Inc (NASDAQ:ALCE)
- On Sept. 19, Alternus Clean Energy announced the termination of Membership Interest Purchase and Sales Agreement (MIPSA) for Portfolio of Solar Parks. Alternus CEO Vincent Browne commented, "It is unfortunate that we cannot continue with this transaction as planned. However, this is just one of many identified strategic acquisitions and business growth areas underway for Alternus, such as the recent joint venture announcement with Hover Energy and other projects in review and under negotiation. We remain fully committed to the renewable energy market in the United States, whether via the acquisition of operating or ready-to-build projects and look forward to sharing these as soon as we can." The company's stock fell around 27% over the past month. It has a 52-week low of $0.15.
- RSI Value: 25.93
- ALCE Price Action: Shares of Alternus Clean Energy fell 2% to close at $0.16 on Friday.
- Benzinga Pro's charting tool helped identify the trend in ALCE stock.
- Top 4 Materials Stocks That May Implode In Q3
